Horizons launches Bitcoin futures ETFs

Horizons ETFs Management (Canada) Inc. has launched two new Bitcoin futures ETFs.

The BetaPro Bitcoin ETF (HBIT) and the BetaPro Inverse Bitcoin ETF (BITI) are now trading on the Toronto Stock Exchange.

HBIT aims to replicate the performance of the Horizons Bitcoin Front Month Rolling Futures Index, a proprietary index designed to reflect the returns generated over time through exposure to long notional investments in Bitcoin futures based on the CME CF Bitcoin Reference Rate, according to a release.

BITI seeks to correspond to up to 100% the inverse daily performance of the same index over a period of one day. Horizons plans to keep BITI’s negative exposure as close to 100% as possible but can reduce the exposure at its sole discretion based on market conditions and other relevant factors.

According to the release, BITI is the first Bitcoin ETF in the world that allows investors to take a short position on Bitcoin futures.

“We know that there are polarizing views on Bitcoin and as a result, there are investors with a high degree of conviction on both the bullish and bearish cases for the asset class,” Steve Hawkins, president and CEO of Horizons ETFs, said in a statement.

The management fees of HBIT and BITI are 1% and 1.45%, respectively.

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